Solution for QID #29490: Lesters’ Jewelry company completed these transactions | StudyHelpMe

Lesters’ Jewelry company completed these transactions during November of the current year: Nov. 1 Began a the business by investing $3,000 in cash and   Precious stones with  a $10,000 fair value. Nov. 2 Purchased on credit office equipment, $1,500, and office supplies, $500. Nov. 4 Completed a custom braclet for client and immediately received   a payment of $1,200 cash. Nov. 8 Nov. 9 Completed a necklace for a client and charged his account $3,400. Hired a new employee to begin work on Nov 20. Nov. 10 Paid for the items purchased on credit on November 2. Nov. 14 Paid the annual $1,200 premium on an insurance policy. Nov. 18 Received payment in full from the client of November 8. Nov. 23 Took out a bank loan of $20,000. Nov. 27 Lester withdrew $250 cash from the business to pay Nov 29 personal expenses. Paid employees $800 for the months wages. Nov. 30 Paid the November utility bills, $225. Required:   Prepare journal entries for the above transactions.